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Phoenix Realty, Blackstone Grab $570M Apartment Portfolio
In a joint venture, Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII purchased an extremely large apartment portfolio for $570 million. The properties are in California, Colorado and Florida. The California assets are in the counties of Los Angeles and San Diego.
The buildings total 3,800 apartment units spanning over 16 Class B properties. PRG managed two closed-end private equity funds and purchased the portfolio upon the completion of their intended investment period.
Meanwhile, PRG is looking to further expand its acquisitions. President of PRG, Keith Rosenthal, said, “Our core investment strategy focuses on acquiring multifamily properties to which we can bring institutional operating and management practices and better serve renter populations in key urban and suburban locations.”
